The Park East Apartments is a true pride-of-ownership multifamily investment in downtown Bellevue. Constructed with the materials & finishes of a luxury high-rise, Park East represents the highest quality sub-institutional apartment community ever built in Bellevue. Completed in 2017, Park East comprises 16 luxury units over a structured concrete parking garage. The unit mix includes two studio lofts, 5 one-bedroom flats, two 1-bed/1.5 bath townhomes, five 2-bed/2 bath townhomes, & two 3-bed/2.5 bath townhomes. Each unit is thoughtfully designed to maximize living space & amenities. For tenant comfort, there are 27 secured parking spaces along with five additional guest/moving spaces, plus well-appointed community room & outdoor play space.
Property Features
Interior Features
- Hardwood
- Wall to Wall Carpet
- Flooring: Hardwood, Wall to Wall Carpet
Heating and Cooling
- Cooling Features: Ductless HP-Mini Split, Forced Air
- Heating Features: Forced Air
- Heating Fuel: Electric, Natural Gas
- Heating: Yes
Exterior and Lot Features
- Cement/Concrete
- Wood
- Wood Products
Garage and Parking
- Covered Spaces: 27
- Open Parking Spaces: 5
- Open Parking: Yes
- Parking Total: 32
- Uncovered Spaces: 5
- Garage Sqft: 11334
Land Info
- Lot Description: Curbs, Paved Street, Sidewalk
- Lot Size Acres: 0.6236
- Lot Size Square Feet: 27165
Home Features
Amenities and Community Features
- Clubhouse
- Fire Sprinklers
- Playground
- Storage
Homeowners Association
- Association: Yes
- Calculated Total Monthly Association Fees: 0
Rental Info
- Gross Scheduled Income: 651891
- Leasable Area: 14916
- Leasable Area Units: Square Feet
Multi-Unit Info
School Information
- High School: Bellevue High
- High School District: Bellevue
- Middle School: Chinook Mid
Other Property Info
- Sprinkler System
- Annual Tax Amount: 65035
- Source Listing Status: Active
- Country Region: US
- County: King
- Cap Rate: 4.1
- Directions: From I-405 - Follow I-405 S to 112th Ave NE in Bellevue. Take exit 13B from I-405 S. Continue on 112th Ave NE to your destination.
- Tax Year: 2023
- Other Expense: 79145
- Source Property Type: Multi-Family
- Possible Use: Multi-Family
- Insurance Expense: 8000
- Area: 520 - Bellevue/West of 405
- List Development Name: Downtown
- Source Neighborhood: Downtown
- Parcel Number: 2925059285
- Street Suffix Modifier: Way
- Subdivision: Downtown
- Zoning: Multi-Family
- Source System Name: C2C
- Buyer Agent Commission: 1
Commercial Info
- Net Operating Income: 482131
- Operating Expense: 190180
Utilities
- Power Production Type: Electric, Natural Gas
- Sewer: Sewer Connected
- Water Source: Public
Building and Construction
- Building Area Total: 14916
- Building Area Units: Square Feet
- Foundation Details: Poured Concrete
- Living Area Units: Square Feet
- Property Age: 7
- Property Condition: Good
- Roof: Composition, Green (Living)
- Building Total Stories: 3
- Structure Type: Multi Family
- House Style: 10+ Units
- Elevation Units: Feet
